证券代码：601698 证券简称：中国卫通 公告编号：2025-022 中国卫通集团股份有限公司 2024 年度 "提质增效重回报"行动方案的评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻党的二十大和中央金融工作会议精神，落实 国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所《关于开展沪市上市公司"提质增效重 回报"专项行动的倡议》，推动上市公司高质量发展和投资 价值提升，保护投资者尤其是中小投资者合法权益，中国卫 通集团股份有限公司（以下简称"公司"或"中国卫通"） 于 2024 年 6 月 28 日制定发布了《2024 年度"提质增效重回 报"行动方案》。公司以行动方案为指引，积极推动落实相 关工作，现将落实情况报告如下： 一、聚焦主责主业，提升经营质量 2024 年中国卫通经营效益保持稳定，收入结构更加均衡 稳健，保持稳中向好的发展态势。通过加强市场营销精细化 和数字化平台试运营，在广电市场持续推进高清化升级并中 标多个项目，实现央视重温经典、西藏等 9 套高清节目上星 传输 ...

Core Viewpoint - The investment activities of private equity mogul Ge Weidong have garnered significant market attention, particularly his recent adjustments in stock holdings as revealed in the 2024 annual report and the 2025 Q1 report of listed companies [1]. Group 1: Ge Weidong's Stock Holdings - In Q1 2025, Ge Weidong initiated a new position in Su Da Wei Ge, acquiring 1.62 million shares valued at approximately 33 million yuan, making him the seventh-largest circulating shareholder [4][6]. - He maintained his holdings in Zhaoyi Innovation, with a market value of 2 billion yuan, and did not sell any shares of *ST Chengchang despite a decline in stock price [13][16]. - Ge Weidong also increased his stake in Zhongsheng High-Tech, raising his holdings to 2.36 million shares, valued at 41 million yuan [18][19]. Group 2: Financial Performance of Su Da Wei Ge - Su Da Wei Ge reported a revenue of 1.841 billion yuan for 2024, a year-on-year increase of 6.85%, but faced a net loss of 58.05 million yuan, marking a 27.06% decline [6]. - In Q1 2025, the company generated 453 million yuan in revenue, a decrease of 3.93%, while net profit was 17.34 million yuan, reflecting a 5.99% increase year-on-year [6]. Group 3: Other Notable Investments - Ge Weidong's portfolio includes new investments in China Satellite Communications, where he acquired 8.396 million shares valued at 171 million yuan, making him the ninth-largest circulating shareholder [8][9]. - He also increased his holdings in Zhenlei Technology, maintaining 412.19 million shares, which saw a price increase of 9.63% in Q1 2025 [10][12].

Summary of Key Points Core Viewpoint - The satellite application industry in China is characterized by a diverse and specialized development trend, with significant growth potential across various sectors including navigation, remote sensing, and communication [1][2]. Group 1: Overview of Listed Companies - China's satellite application listed companies cover a wide range of sectors, including navigation & positioning, remote sensing & surveying, and communication & information transmission [1]. - The industry features a strong presence of upstream equipment manufacturers and system integrators, while downstream applications are rich and varied, involving sectors like transportation, logistics, and communication [1][2]. - The navigation & positioning sector has the highest number of companies, indicating intense competition, while the remote sensing & surveying sector has fewer players but higher technical barriers [1][2]. Group 2: Company Performance Comparison - In the first half of 2024, notable performance differences were observed among listed companies in the satellite application navigation sector, with 华力创通 showing a revenue increase of 172.78% year-on-year, while 北斗星通 experienced a revenue decline of 66.42% [9][10]. - The overall performance of upstream companies was more volatile compared to downstream companies, which showed relatively stable performance [9][10]. Group 3: Business Planning and Development - Companies are actively expanding their business and innovating technologies, with 北斗星通 focusing on high-precision positioning services and 合众思壮 pursuing a global strategy [14]. - 中国卫通 is transitioning towards integrated information services, while 中海达 is enhancing its focus on high-precision applications of the BeiDou system [14]. - The diverse business strategies and planning of these companies are driving the continuous development of the satellite application industry in China [14].

Core Viewpoint - The A-share market indices showed mixed performance, with the Shanghai 180 Industry Layered Equal Weight Index declining by 0.48% to 10,897.68 points, with a trading volume of 98.172 billion yuan. Over the past month, this index has decreased by 3.04%, increased by 0.81% over the last three months, and has fallen by 2.88% year-to-date [1]. Group 1 - The Shanghai 180 Industry Layered Equal Weight Index and the Shanghai 180 Equal Weight Index share the same sample, but the former uses an industry-layered equal weighting method, while the latter employs a simple equal weighting approach. This results in different risk-return characteristics to cater to diverse investor preferences [1]. - The top ten holdings of the Shanghai 180 Industry Layered Equal Weight Index include Poly Development (4.43%), Zhangjiang Hi-Tech (4.26%), China Telecom (2.85%), China Mobile (2.53%), China Unicom (2.42%), China Satellite Communications (2.16%), China Petroleum (1.13%), Dongpeng Beverage (1.11%), China Shenhua (1.1%), and China National Offshore Oil Corporation (1.08%) [1]. Group 2 - The Shanghai Stock Exchange accounts for 100% of the holdings in the Shanghai 180 Industry Layered Equal Weight Index. The industry distribution of the index includes Communication Services (9.96%), Consumer Staples (9.64%), Information Technology (9.60%), Materials (9.32%), Financials (9.24%), Healthcare (9.23%), Utilities (9.07%), Real Estate (8.69%), Industrials (8.53%), Consumer Discretionary (8.48%), and Energy (8.25%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year. The sample adjustment typically does not exceed 10%, and the weight factors are adjusted accordingly. In special circumstances, temporary adjustments may be made [2].

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].

证券代码：601698 证券简称：中国卫通 公告编号：2025-019 特此公告。 中国卫通集团股份有限公司董事会 中国卫通集团股份有限公司关于 中星 10R 卫星完成在轨测试的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性依法承担法律责任。 中国卫通集团股份有限公司（以下简称"公司"）运营管 理的中星10R卫星于2025年2月22日在西昌卫星发射中心成 功发射。目前，中星10R卫星已完成在轨测试，各项性能指标 符合设计要求，在轨运行稳定。 后续，随着中星10R卫星正式投入使用，将能够更好地满 足现有用户业务需求，并可为"一带一路"国家及地区提供 高效的卫星网络传输服务。 2025 年 4 月 8 日 1 ...

Core Points - The announcement details the progress of the non-public issuance of exchangeable bonds by China Aerospace Science and Technology Corporation, the controlling shareholder of China Satellite Communications Co., Ltd, which will lead to a reduction in shareholding due to stock exchanges by bondholders [1][2] - The equity change will not result in a change of the controlling shareholder or actual controller of the company [1][4] Summary of Relevant Sections Basic Information of the Equity Change - The controlling shareholder, China Aerospace Science and Technology Corporation, issued exchangeable bonds with a scale of 6.1 billion yuan, with a term of three years [2] - The exchange period for the bonds is from March 3, 2025, to August 29, 2027 [2] Details of the Equity Change - As of the announcement, the total share capital of the company is 4,224,385,412 shares, with the controlling shareholder holding 3,189,099,928 shares, representing 75.49% [3] - After the bondholders exchange shares, the controlling shareholder's direct holding will decrease to 3,156,449,883 shares, representing 74.72% [3] - The total number of shares reduced due to the exchange is 32,650,045 shares, which is 0.77% of the total share capital [2][3] Subsequent Matters - The bondholders' exchange will not trigger a mandatory bid and will not change the controlling shareholder or actual controller of the company [4]

中国卫通集团股份有限公司 简式权益变动报告书 | 上市公司： | 中国卫通集团股份有限公司 | | --- | --- | | 上市地点： | 上海证券交易所 | | 股票简称： | 中国卫通 | | 股票代码： | 601698 | 信息披露义务人：中国航天科技集团有限公司 住所：北京市海淀区阜成路八号 通信地址：北京市海淀区阜成路 16 号 权益变动性质：减少（因信息披露义务人可交换公司债券换股导致信息披露义务人 直接持股比例及合计控制股权比例下降） 签署日期：2025 年 4 月 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号一权 益变动报告书》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反 其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本报告 书已全面披露了信息披露义务人在中国卫通中拥有权益的股份变动情况。 | 目录 | .. .3 | | --- | --- ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-018 中国卫通集团股份有限公司关于 控股股东非公开发行可交换公司债券换股进展 暨权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、本次权益变动的基本情况 （一）信息披露义务人基本情况 1 本次权益变动系因中国卫通集团股份有限公司（以下 简称"公司"）的控股股东中国航天科技集团有限公司 （以下简称"航天科技集团"）以其所持公司部分 A 股 股票为标的非公开发行科技创新可交换公司债券，换 股期限为 2025 年 3 月 3 日至 2027 年 8 月 29 日止。 因可交换债券持有人换股，导致航天科技集团直接持 有及合计控制的公司股份数量被动减少、直接持股及 合计控制股权比例下降。 本次权益变动不会导致公司控股股东及实际控制人 发生变化。 | 名称 | 中国航天科技集团有限公司 | | --- | --- | | 注册地址 | 北京市海淀区阜成路八号 | | 法定代表人 | 陈鸣波 | | 注册资本 | 2,000,000万元 ...

4月1日，中国卫通（601698）发布2024年年报，公司实现营业收入25.41亿元，同比下降2.85%；归属于 上市公司股东的净利润4.54亿元，同比增长30.31%。尽管净利润增长显著，但扣非净利润仅为2.32亿 元，同比下降13.94%，显示出公司核心业务盈利能力有所下滑。此外，公司拟向全体股东每10股派发 现金红利0.323元，总计派发1.36亿元，占归母净利润的30%。 市场开拓取得进展，但收入结构仍需优化 中国卫通在2024年加强了市场营销精细化管理，数字化营销平台上线试运营，探索卫星互联网产品租赁 模式。报告期内，公司在广电市场、行业市场和国际市场均取得了一定进展。例如，新增Ka高通量卫 星网络接入节点近2000个，流量收入大幅增加；在非洲新增4条卫星专线，为当地矿业、能源企业提供 卫星互联网接入服务。 然而，尽管市场开拓取得进展，公司收入结构仍需进一步优化。2024年营业收入同比下降2.85%，显示 出公司在多元化业务布局上仍有不足。尤其是在航空航海市场，虽然公司承担了多项应急通信服务项 目，但整体收入贡献有限，未能有效拉动整体业绩增长。 资源建设稳步推进，但盈利能力有待提升 中国卫通在202 ...